- BTC/USD has recovered from the recent low, still under pressure.
- Bears may have an upper hand in the short-run.
BTC/USD hovers at $8,000 amid growing bearish pressure, A sustainable move below this psychological barrier may lead to a sharp sell-off. At the time of writing, BTC/USD is changing hands at $8,022, down nearly 5% on a day-to-day basis.
Bitcoin confluence levels
Looking technically, there are a lot of barriers clustered above the current price. It means that the recovery may be limited at this stage. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$8,500 – SMA50 (Simple Moving Average) and SMA5 daily, 61.8% Fibo retracement monthly
$8,700 – 38.2% Fibo retracement weekly, SMA10 daily
$9,000 – Pivot Point 1-week Resistance 1
Support levels
$7,900 – Pivot Point 1-week Support 2.
$7,500 – Pivot Point 1-month Support 1, Pivot Point 1-day Resistance 3
$7,300 – The lowest level of the previous week.
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